MINNEAPOLIS, MN - Timberland Partners is pleased to announce the acquisition of Green Mount Lakes Apartments located in O’Fallon, Illinois and Brookes Edge, located in Cleveland, Tennessee. Founded in 1992, the company now owns and manages 64 apartment communities totaling over 12,500 apartment units in its portfolio spanning 13 states.
The acquisitions were funded from the newly formed Timberland Partners Investment Fund VI, LLC, and represent the first two acquisitions from fund six. Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multi-family real estate market.
Timberland Partners Vice President of Investments, Matt Fransen, said “We are excited about the acquisition of Brookes Edge and Green Mount Lakes. Both assets are well-constructed, high quality communities in strong locations. They’re both positioned well to achieve strong returns for our partners over a long term investment horizon following the implementation of our value-added plans. They are great additions to kick-off our sixth apartment investment fund.”
A number of exciting improvements are planned for Green Mount Lakes, which was built in 2003-2004. Most notably, a new fitness center, clubhouse remodel and new resort-style pool along with a dog park. The property consists of spacious one, two and three bedroom floorplans with high-end finishes including nine-foot ceilings, crown moulding and full-sized washers and dryers in every unit.
Brookes Edge was built in two phases in 2013 and 2016, with a hilltop location providing stunning views of the Smoky Mountains. The property consists of one and two bedroom floorplans with high-end finishes including nine-foot ceilings, soaking tubs and full-sized washers and dryers in every unit.
The seller for Brookes Edge was represented by Dennis Harris of The Kirkland Company based in Nashville. The seller for Green Mount Lakes was represented by Matt Bukhshtaber with the CBRE office based in St. Louis.
Timberland Partners is a real estate investment and management firm which currently owns over 12,500 apartments in 13 states. For more information, please contact Matt Fransen, Vice President of Real Estate Investments, at mfransen@timberlandpartners.com or 952.843.2031 or visit timberlandpartners.com